This study examines the impact of voluntary disclosure on the cost of capital and information asymmetry, and thereby on firm value in a comprehensively recursive model. We argue that there is unidirectional dependency among the information asymmetry, cost of capital, and such firm value, hence,...

We investigate the association between voluntary disclosure and the risk-related discount investors apply to price. First, we study the association between (endogenous) disclosure choice and the discount in price induced by changes in the underlying model parameters: this is akin to an empirical...

We investigate the association between voluntary disclosure and the risk-related discount investors apply to price. First, we study the association between (endogenous) disclosure choice and the discount in price induced by changes in the underlying model parameters: this informs empirical...

We examine the association between a firm’s cost of capital and its voluntary and mandatory disclosures. We include two types of mandatory disclosures: those that are a function of periodic reports that are realizations of ex-ante reporting systems and those that arise due to specific...

The paper investigates the impact of capital structure and information asymmetry on the value of companies listed on the Warsaw Stock Exchange. The study was conducted using the ordinary least squares (OLS) method on a sample of 273 companies in 2017 and the GMM dynamic paneldata approach with...